BANK of THRIFT

LOCATION: Corner of King William Road and North Terrace, to the right of the Government House main gates

ORIENTATION: Southwest

DESCRIPTION: Pantheon, although not strictly a War Memorial it is included because of its close relationship to the war effort and the semi-permanence of the day

ARCHITECT: Edward Davies F.S.A.I.A.

ERECTED BY: H. Emmett and Sons, September 1918

CONSTRUCTION: A semi-permanent structure constructed primarily of cement (concrete) with timber framework throughout, the columns were cement rendered over metal cylinders. The interior was not utilised in any way, therefore being a facade only. Dimensions: Height 35 feet (10.67 metres), Width 40 feet (12.2 metres), Depth 37 feet (11.28 metres).

DEMOLISHED BY: H. Emmett and Sons, September 1919

HISTORY: Originally designed and erected for the Seventh War Loan Appeal in 1918, to be known as "The Bank of Thrift". Permission was requested from the Adelaide City Council by the S.A. Central War Loan Committee on the 12th August 1918, to erect a structure in front of Government House main gates at the corner of King William Road and North Terrace adjacent to the Boer War Memorial. The structure was completed and opened on Monday, 16th September 1918, for the Seventh War Loan Appeal following an outstanding street parade.

On the 21st July 1919 following the Declaration of Peace in June, the Adelaide City Council withdrew permission for the structure to remain standing and ordered its removal. The structure was dismantled and removed in September 1919 by contractors H. Emmett and Sons.

UTILISATION:

SEVENTH WAR LOAN:

War loans were not new to the Australian public by 1918, but the Seventh War Loan was to prove one of the most lucrative and somewhat controversial, what began as public fervour and support, stirred along by the Commonwealth and State Governments, finished in threats of increased taxation and the shame of parents in front of their children.

All councils and districts throughout the State of South Australia actively participated in the Seventh War Loan, the allotted State's quota being £3,500,000. South Australia raised £4,416,910 in the allotted subscription period from 16th September to 28th October 1918 (42 days). £41,219,419 was raised Australia wide. Mr. W.A. Watt, Commonwealth Treasurer, estimated that approximately a further £1,000,000 was yet to be received by post, bringing the national total over £42,000,000.

The average weekly wage in 1918 was in the vicinity of £3-0-0, which equates in today's (2005) supposed average weekly wage of $450.00 (£1=$150). Therefore, literally speaking, £4,146,910 equates to $622,036,500.00; an incredible sum when population and employment of the day is taken into consideration.

Where did the money come from? The Federal Government urged people subscribe from personal funds or to take out loans from their banks which would charge them 3% interest; the government would then give subscribers 4% interest (even though they received 4½ to 5% interest on the Sixth War Loan). Many rural folk guaranteed their lands, their crops, their future, to the war loans. Unfortunately many became bankrupt when hard times on the land came and could not repay their loan, the interest from the government being inadequate as was their relief assistance.

When the loan drive slowed and was not achieving its initial quota, the government extended the duration for a further ten days. In the closing days of the loan dubious methods were employed to "encourage" non-subscribers, one being that the government could and would use its powers through taxation returns to ensure all subscribed. The government was not averse to requesting that all newspapers of the day recorded the names of councils and districts that had failed to meet their quotas. The government even targeted children with posters in schools and other youth organisations.

Mr. and Mrs. Australia could be excused for being cynical when the Loan became over-subscribed in following two days, from a government offering threats of compulsory taxation to offering salutations for a job well done. One month later the war was over, what happened to the loan money? Much of it went to Britain.

FUND RAISING:

Amongst the many avenues for raising funds for the Loan, one of the most popular was the appearance of a battle tank from the battlefields of the Western Front. Two tanks were delivered to Adelaide via Melbourne to participate in displays; they were the main attraction in the Loan's opening ceremony when they led the parade of vehicles from all over the State along King William Street to the Bank of Thrift. A major display was held at the Unley Oval after which, one travelled to the North and one to the South of the State, after completion of their tours they were returned to Melbourne.

QUOTAS:

The quota system through discussions between the Commonwealth and State Governments, councils and districts, was decided upon per capita and industry in the city and suburbs and per capita and production areas of the rural districts.

PARTICIPANTS:

The edifice was utilised during its tenure by the additional following organisations:

Royal Australian Navy, the Navy League collected from appeals during October 1918,

French Mission collected from appeals during November and December 1918,

Returned Services Association (RSL) collected from appeals through the month of April 1919 for the Brick Appeal and Gallipoli Day, and

YMCA collected from appeals for the Month of May, one being for the Boer War veterans.

HONOR FLAG:

A flag, 9 feet by 4 feet, comprising a red border on a white field with the blue Australian ensign as the Jack. The flag was an award given to towns and districts throughout Australia that subscribed their quota, initiatives were given to increase subscription by the addition of a blue Federation Star under the Jack and three vertical blue bars to the right of the jack. For example where a quota was £5,000, to be eligible to receive one bar a further £1,250 was the raised, a second bar another £1,250, the third another £1,250 until finally doubling the quota to receive the star, a 25% increase at each stage.

HOUSE BADGES:

"House Badges" were certificates issued to all who purchased War Bonds; they were to be placed in windows of residences and businesses to show that they had contributed to the war effort. The House Badge was a replica of the Honor Flag without the bars and star, it was signed by the Commonwealth Treasurer. In South Australia there was much competition between towns and suburbs to see whom could subscribe the most and was eagerly reported by all newspapers during the subscription period.

PEACE LOAN:

Further to the Seventh War Loan; between 29th August and 23rd September 1919, another loan was organised by the Federal Government; known as the "Peace Loan". This loan was to be for those returning from the war and the next of kin of those who paid the supreme sacrifice; an unknown sum was raised. Bronze plaques or tablets as they were known, were issued to councils that over-subscribed, this being a similar concept to the Seventh War Loan guidelines. Unfortunately many of the supposed recipients received little or no assistance, a large proportion of the monies was reportedly given to State Governments for distribution to businesses that had supported the war effort.

ACKNOWLEDGEMENTS: 2002, John Spencer: RSL 2003, Jocelyn Talmage: 2004, Mortloch Library 2004, Michial Farrow: Adelaide City Council Archives Office 2005

PHOTOGRAPHS:

1. Bank of Thrift

2. King William Street Parade, the supporters

3. King William Street Parade, automobiles

4. King William Street Parade, Battle Tanks

5. Poster placed in child facilities

6. Advertisement recommending further support

7. Advertisement recommending further support

8. Advertisement for War Tank Week

9. Battle Tank at Unley Oval

10. Battle Tank donation badge

11. Seventh War Loan quotas

12. Navy Day

13. France Day

14. RSA (RSL)

15. Brick Day

16. YMCA Day

17. Honor Flag Poster

18. Honour Flag with Star and Bars

19. Bank of Thrift with Honor Flag

20. Peace Loan 1919

21. The Profiteers Medal

22. Sixth War Loan satire

23. Article for successful Seventh War Loan